Banker & Tradesman | By Steve Adams
April 7, 2017
Life science developer Alexandria Real Estate Equities has acquired one of the last industrial parcels in Kendall Square for $80.25 million.
The 3.6-acre property at 303 Binney St., currently occupied by Metropolitan Pipe and Supply Co., is less than a block from Alexandria’s One Kendall Square complex, which it acquired last fall for $725 million.
“It’s a great site and another smart acquisition for Alexandria,” said Mark Winters, an executive managing director for Newmark Grubb Knight Frank. “It’s additive to their project at One Kendall Square, and that’s the classic Cambridge incubator facility as far as companies being hatched and outgrowing their space. So having this site adjacent to it makes a lot of sense.”
Pasadena, California-based Alexandria’s nearby development pipeline includes the 431,500-square-foot 100 Binney St. office and lab complex, which contains the largest contiguous block of lab space in sought-after East Cambridge. The complex, scheduled for completion in early 2018, is anchored by Bristol Myers Squibb, which leased 208,000 square feet in 2015, and Alexandria is in discussions with potential tenants for the remaining space, executives said in a recent conference call.